MIC to sell 25 per cent stake

April 22, 2022 | 13:35
Military Insurance Corporation (MIC) will sell a 25 per cent stake to foreign investors in a bid to boost its financial security and benefit from international expertise.
MIC to sell 25 per cent stake

At its recent annual shareholders’ meeting on April 21, MIC chairman Uong Dong Hung stated that the insurer – in collaboration with its parent bank MB – is searching for credible foreign partners to boost its strategic development and IT advancement.

"MIC is also targeting to be in the top three non-life insurers in terms of market share,” Hung said.

“We are planning to sell at least a 25 per cent stake to overseas strategic partners."

MIC could profit from the synergistic value of a strategic investor to increase its size and attract more high-profile funds while simultaneously strengthening its financial capacity, growing its market share, and boosting its reputation.

Senior Lieutenant General Le Huu Duc, chairman of MB's Board of Directors, elaborated on the situation by saying, "In 2021, there were a number of foreign partners wishing to tie the knot with MIC, but the conditions proposed did not meet the requirements. This year, MIC will proactively look for suitable partners.”

By Tri Lam

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